Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

A summary of activity during the six months ended June 30, 2016, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Grant Date Fair Value
Outstanding at January 1, 2016		2,400		$	23.42
Granted		—			—
Vested		(2,300	)		23.42
Expired		—			—
Forfeited		(100	)		23.42
Outstanding at June 30, 2016		-		$	-

A summary of the activity for these awards during the six months ended June 30, 2016, is presented below:

Market Condition Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value
Outstanding at January 1, 2016		137,500		$	30.58
Granted		4,000			38.98
Vested		—			—
Expired		—			—
Forfeited		(72,000	)		34.46
Outstanding at June 30, 2016		69,500		$	27.03

A summary of the activity for the awards during the six months ended June 30, 2016, is presented below:

Non-Qualified Stock Option Awards	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		116,850		$	48.63
Granted		40,000			55.62
Exercised		(850	)		34.95
Expired		—			—
Forfeited		(40,000	)		55.62
Outstanding at June 30, 2016		116,000		$	48.73		6.91	$	(145,780	)
Exercisable at June 30, 2016		75,800		$	45.40		1.73	$	157,060

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 16. STOCK-BASED COMPENSATION (continued)

A summary of share option activity under the 2001 Plan for the six months ended June 30, 2016 is presented below:

Stock Options

Liability-Classified Stock Options	Shares			Wtd. Avg. Ex. Price		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		18,000		$	64.69
Granted		—			—
Exercised		—			—
Expired		(3,000	)		67.27
Forfeited		—			—
Outstanding at June 30, 2016		15,000		$	64.17		1.10	$	—
Exercisable at June 30, 2016		15,000		$	64.17		1.10	$	—

Stock Appreciation Rights

Liability-Classified Stock Appreciation Rights	Shares			Wtd. Avg. Fair Value		Wtd. Avg. Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2016		18,000		$	2.64
Granted		—			—
Exercised		—			—
Expired		(3,000	)		—
Forfeited		—			—
Outstanding at June 30, 2016		15,000		$	1.12		1.10	$	—
Exercisable at June 30, 2016		15,000		$	1.12		1.10	$	—

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 16. STOCK-BASED COMPENSATION (continued)

Following are assumptions used in determining the fair value of stock options and stock appreciation rights:

Amounts recognized in the consolidated financial statements for stock options, stock appreciation rights, and restricted stock are as follows:

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Total Cost of Share-Based Plans Charged
Against Income Before Tax Effect	$	418,639		$	546,372		$	2,491,621		$	621,724
Income Tax Expense
Recognized in Income	$	(161,490	)	$	(210,763	)	$	(324,843	)	$	(239,830	)

A summary of activity during the six months ended June 30, 2016, is presented below:

Three Year Vest Non-Vested Restricted Shares	Shares			Wtd. Avg. Fair Value Per Share
Outstanding at January 1, 2016		26,900		$	49.73
Granted		21,100			44.88
Vested		(10,363	)		47.89
Expired		—			—
Forfeited		—			—
Outstanding at June 30, 2016		37,637		$	47.52

A summary of the non-vested options for these awards during the six months ended June 30, 2016, is presented below:

Non-Qualified Stock Option Awards	Shares			Fair Value of Shares Vested
Non-Vested at January 1, 2016		88,260
Granted		40,000
Vested		(48,060	)	$	2,478,088
Expired		—
Forfeited		(40,000	)
Non-Vested at June 30, 2016		40,200